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API Technology and Open Banking from the Perspective of Turkish Legal System and Payment Services Directive 2

Author

Listed:
  • Bertaç Şakir Şahin

    (Yildiz Technical University)

  • Barış Cihan Cantürk

    (Yildiz Technical University)

Abstract

As a result of technological developments, the banking environment and services have changed. The concept of fintech, which combines technology with finance applications, enabled banking services to be introduced with a new concept. This new banking concept called “open banking” highlighted the concepts of digitalization and transparency in the banking sector. In this study, the definition, implementations in world and Turkey, opportunities and risks and the legal dimension of open banking are discussed. As a result of the literature review, it is concluded that with open banking, banks implement four basic strategies: compatibility, competitiveness, expansionism and transformational.

Suggested Citation

  • Bertaç Şakir Şahin & Barış Cihan Cantürk, 2020. "API Technology and Open Banking from the Perspective of Turkish Legal System and Payment Services Directive 2," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 35(114), pages 149-180, October.
    • Handle: RePEc:acc:malfin:v:35:y:2020:i:114:p:149-180
    DOI: https://doi.org/10.33203/mfy.637661
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    More about this item

    Keywords

    API Technology; Fintech; Banking; Open Banking; Finance Law; Commercial Law;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • L17 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Open Source Products and Markets
    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • K15 - Law and Economics - - Basic Areas of Law - - - Civil Law; Common Law

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